Leads - progress to 'No Action' instead of delete?

Hi - we have leads that were created a while ago that have not progressed, however we do not want to lose the communications or contact info assigned to the lead so do not want to Delete the lead, rather convert it to a 'Dead End' or 'No Action' file and remove from leads and keep in Company contact? how can I do this without 'progressing the lead to an opportunity? have tried to assign the lead to a company and person, then delete the lead - but it deletes the company and person as well if that is the only mention of the company?
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    Have you tried switching on 'Allow Mass Update'?

    You can create a group of the leads you want to flag and then use the 'mass update' to set the stage/status to the values you require.

    BUT be careful of using this if you have workflow switched on for leads...If Workflow is being used then you need to revise to allow closure of the lead via the workflow!!